Summary

Founded in 2018, PrimeXBT is a trading platform that has grown intensively and is currently serving more than 150 countries. Its 100+ trading instruments include commodities, cryptocurrencies, indices, and forex pairs. Using PrimeXBT’s web-based and mobile trading platform, it is possible for you to trade 4+ commodities, 41+ cryptocurrencies, 10+ indices, and 45+ forex pairs – all with a single account. The clients are offered tight spreads and high leverage.

PrimeXBT’s fee structure is very transparent. The broker charges deposit and withdrawal fees. Moreover, clients are charged commission and overnight financing fees. Apart from margin trading, PrimeXBT also allows its customers to buy and hold cryptocurrencies. Clients can buy cryptocurrencies at real prices, margin trades with low fees, earn interest on their cryptocurrencies, and imitate expert traders’ strategies to get the same returns. Traders can also earn by introducing new clients to the broker through their affiliate program. Their affiliate program is a 4-tier profit offering service.

PrimeXBT offers free courses to all of its clients and has 24/7 customer service available to guide customers. Regardless, online reviews of this broker did not seem satisfied with the customer service.

In this PrimeXBT review, we will take a closer look at the broker’s Pros & Cons, Regulations, Deposits & Withdrawals, Online Reviews, Supported Offices, Leverage, Spreads, Educational Materials, Customer Support, Other Products and Services, and Payment Methods. We will explore PrimeXBT’s fees, accounts, and trading instruments, and also teach you how to open an account with the broker.

PrimeXBT Regulations

Although PrimeXBT was founded and registered in Seychelles, it does not hold a license from any regulatory body. This is owing to the fact that PrimeXBT Trading Services LLC is not obligated by law to hold any financial services license or authorization in St. Vincent and the Grenadines to offer its financial products and services. The broker has two entities in total: Prime Technology Ltd and PrimeXBT Trading Services LLC. The addresses of these offices are mentioned below in this PrimeXBT review.

Prime Technology Ltd.: This broker’s entity is a Seychelles company.

• Registration Number – 217308

PrimeXBT Trading Services LLC: It is incorporated in St. Vincent and the Grenadines as an operating subsidiary.

• Registration Number – 222LLC2019

Supported Countries

The company does not offer its services to all clients all over the world, several countries in the world fall under their restricted country category. Clients from regions other than these countries are more than welcome to trade with this broker. In this review, we will list some of the countries that are denied access to PrimeXBT’s trading platform and thus cannot become a part of the broker’s trading family. These countries include the USA, Canada, Cuba, Japan and many others. 

You will find the complete list on their website – https://primexbt.com/. Simply read the “Risk Warning” section at the bottom of the webpage.

Additionally, their official website is available in the following languages: English, Hindi, Korean, Spanish, Indonesian, Bengali, French, Turkish, Thai, Dutch, Vietnamese, Italian, Chinese, Portuguese, and Japanese.

PrimeXBT Available Assets

PrimeXBT offers over 100+ tradable assets to its clients. Cryptocurrency is the primary asset class offered by this trading platform, however, it also offers margin trading in forex, commodities, and indices. Apart from trading, clients can also buy, hold, and sell cryptocurrencies via a third party at this company. Here is a full review of each of the available assets on this broker. 

Cryptocurrency

Cryptocurrency trading on this platform is offered with tight spreads and low fees. Customers can benefit from high leverage while trading with this broker. Traders can also trade the most popular cryptocurrencies like BTC, ETH, LTC, and EOS – as well as 41+ others.

Commodities

PrimeXTB offers 4+ commodities for its clients to add to their portfolios. Commodities offered on this platform are gold, silver, brent, crude oil, and natural gas. You can also take advantage of the digital nature of commodity CFD trades, and save yourself the trouble of having to store them in the real world.  

Indices

Indices are a popular choice for investors because not only do they allow you to diversify your portfolio but also help take advantage of changes in market trends of a wide array of stock exchanges. Clients of this brokerage firm have access to the most popular 10+ indices including S&P 500, FTSE100, GER30, NASDAQ, and many more.

Forex

Traders can buy, sell, and trade a variety of different global 45+ forex pairs including EUR/USD, GBP/USD, EUR/AUD, and AUD/JPY among many others. Traders are also provided with analytical tools to analyze the forex market trends and improvise their trading skills.

Spreads

PrimeXBT clients can enjoy record-breaking low spreads, starting from 0 pips on both margin and copy trading but the financial instrument you’re trading (indices/cryptocurrencies/currency pair) may be the ultimate factor determining how high or low your spreads will be.

Leverage

The maximum leverage varies considerably based on asset class, but also what particular instrument you are looking to trade.

If margin trading, the maximum leverage on some forex pairs is 1:1000; indices can be traded with leverage up to 1:100; commodities like gold and silver can be traded with leverage up to 1:500 while crude oil, Brent, and natural gas can be traded with a maximum leverage of 1:100. For most crypto products, it is comparatively less, going up to only 1:200 for some instruments while a majority have a maximum leverage of 1:20 and 1:5.

However, the maximum leverage of all financial instruments will see a significant decrease, if you choose to conduct your trades via copy-trading instead. For example, forex pairs now can be traded with leverage of only up to 1:100.

PrimeXBT Fees & Commission

All PrimeXBT fees can be broadly classified into trading and non-trading fees.

Trading Fees

You may incur the fees mentioned below if you choose to place an order or trade a financial instrument on this broker.

Trade Fee

PrimeXBT clients are charged a trade fee instead of spreads every time they buy or sell assets in the market (i.e. each time a customer opens and closes a position). On margin trading accounts the trade fee charged is 0.05% for cryptocurrencies and 0.0001% for Forex, Indices, and Commodities. 

If a significant Follower’s order is executed, Copy-trading Strategy account holders may have to pay additional slippage fees. To find out more about this “additional slippage fee”, simply read the article on this webpage.

Commission

Like most other brokers out there, PrimeXBT does charge a commission fee to its clients – one that is comparatively smaller too. The platform charges a commission fee of 0.0001% to both Margin and Copy-trading account holders.  

Non-Trading Fees

Non-trading fees are not determined by the number or size of your trades but are rather charged by the broker for carrying out other activities on their platform. PrimeXBT, for example, charges its customers a following entry fee and swaps. This section of the review will take a closer look at these charges.

Following Entry Fee

While Margin account holders are exempted from paying this fee, all Copy-trading account holders have to pay a 1% following entry fee for using the broker’s services. 

Overnight Financing

Overnight financing is charged to customers for any position that is carried into a new trading day.

PrimeXBT Trading Platforms

PrimeXBT is a reliable trading platform that offers a hassle-free and user-friendly experience to both novice and experienced traders. Their proprietary trading platform has both a mobile and desktop version.

PrimeXBT Desktop Trading Platform

The desktop trading platform is easy to navigate for inexperienced traders to get comfortable with the digital market. The desktop trading platform includes an intuitive user interface that makes placing orders and maintaining your portfolio very simple. Moreover, it offers several execution strategies, trade histories, and visualization tools, all of which may be entirely modified.

The broker’s platform is made up of five main components.

Main: This section of the platform’s interface allows clients to make deposits, withdrawals, and also keep an eye on their trading activity. Account holders can also check their account statistics and access the Margin and Covesting sections.

Margin: This section is for margin account holders to manage their market. From this section, traders can place trades and control their orders and positions.

Copy-trading: Same as the upper section, this is specified for covesting strategy followers. Everything related to strategies and their following management is accessible to clients here.

Yield: This section holds covesting yield accounts and the activities followed by the account holders.

Analysis: This part of the platform consists of charts by TradingView. This service allows traders to perform a technical analysis of all of their trades.

Now that we’ve looked at the different sections of their web-based trading platform, let’s dive deeper into some of their eye-catching features.

A Customizable Layout

PrimeXBT’s web-based trading platform throws the ball in your court and allows you to make all the tweaks and adjustments you deem necessary to create the best trading environment for yourself. Its extensive suite of trading tools and intuitive visualization of market data are all vital components of its customizable workspace. 

Professional and Comprehensive Charts

The platform’s charts were designed to make trading a hassle-free task for the masses. The spectacular design allows you to place your trades and manage any orders directly from the charts. Additionally, PrimeXBT’s trading platform features an extensive suite of drawing tools and more than 50 technical indicators to assist you in better analyzing price trends.

How to Open a Live Account on PrimeXBT’s Desktop Trading Platform?

• Open the homepage of the broker and click on ‘Open free account’.

• To register, enter your email address and create a password. Agree to the terms and conditions and then all you have to do is click on ‘register’.

• After registering, you will be asked to share a PIN sent to your email address. Check your email and enter it.

• Your account is created, agree to the terms of the broker, and click on ‘proceed’.

• After you complete the registration process, you will be asked about your trading goal. It is up to you to tell them right away or take some time to think and come back to it later.

• Your account is ready!

Prime XBT Mobile Trading App

For its clients that prefer to trade on the go and consider it far more convenient to trade through their mobile devices, the PrimeXBT team has developed a mobile trading platform to offer them the best trading experience mobile trading can give them. Our review will discuss some of its most-promising features below.

Multiple Order Types

The mobile trading platform offers clients multiple order types (available in the Order Form option) to provide them with the tools they need to execute their trading strategies. Having different multiple order types also enables you to enter trades in a more flexible manner.

Secure Wallets

All assets stored in personal secure wallets are protected against any malicious activity as PrimeXBT holds all client assets in their secure and fortified offline storage system.

How to Trade on a Live Account using PrimeXBT’s Mobile Trading App?

You can open a live account on PrimeXBT’s mobile app using the steps to follow:

• Open the Google Play Store or App Store to download the trading app either on android or iPhone respectively.

• Click on the Login green button to log in to your trading account on PrimeXBT.

• The “Log In” tab requires you to enter your email address and password. Then click on the blue “Log In” button.

• Your account is logged in and a home screen appears. Click on Home to view Wallets, Margins, and Exchanges.

• Select the deposit option to add funds to your account. The deposit options are available in Bitcoin, Ethereum, Tether USD, USD coin, and Covesting.

• Click on the Copy Trading feature to follow in the footsteps of professional traders. PrimeXBT allows a list of successful trades by professionals. 

• Click on the “Trade” option, and the first “Account” window shows the activity and the history of the deposits and withdrawals of your trading account. The balance, equity, and margins are also shown. 

• You can select the “Market” window to check the bid prices and spreads of a range of currency pairs. 

• You can click on the “Chart” window to see the indicators of all trading assets. Click on the sell or buy order after analyzing the charts.

• Select the “Positions” window to see the positions of every trade with PrimeXBT.

• Click on “Orders” to see all orders you have placed. It acts as your “Order Book.”

• You can select the “History” tab to see all history of your trades.

• Select the profile option to verify your account according to KYC and AML policy. The settings are also available to make the account work the way you want. There is a Help Center as well to reach out to in case of any queries.

• You can set a passcode to help secure your trading account. This will also limit access to the trading app to everyone except you.

PimeXBT Account Types

There are four different types of accounts: A Free pre-funded Account, a PrimeXBT Trading Account, a Covesting Yield Account, and a Strategy Trading Account – that differ based on the amount of risk you are willing to undertake as a trader. Just like other trading brokers, PrimeXBT does give its customers the option to hone or practice their trading strategies before going live – but in a more unconventional way through a pre-funded contest account. We will discuss the details of this account type and the three others in this section of the review:

Free Pre-Funded Account

The broker does not have an official demo account however, this account type can be used as a demo account because of its services offered. PrimeXBT offers its customers to join trading contests. When traders join these contests they are provided with pre-funded accounts with virtual 6,000 USDT, meaning that they can begin understating the broker’s trading platform and trading in general without any risk of losing real money because virtual funds are provided by the brokerage firm. 

PrimeXBT Trading Account

PrimeXBT trading account is a basic account that is used by clients to trade cryptocurrencies and other assets offered on the platform. This account type has two subtypes namely – Margin and Copy Trading. Both sub-accounts offer different features, charges, and benefits. Margin Account is used for trading CFDs manually by the trader. However, the Copy Trading account provides an opportunity to copy the trading strategies of leading traders and it requires a minimum deposit of 0.01 BTC.

Covesting Yield Account

Covesting yield accounts, recently introduced, is an account type that connects and provides participation to account holders in DeFi yield-generating applications. Traders use this account type to perform a process called Staking to carry out yield generation. The broker provides COV tokens to customers subscribed under this account type. Traders have the access to gain exclusive benefits of the Covesting ecosystem based on their membership plan which is activated by COV tokens.

Strategy Trading Account

This account type is offered to those clients who want to follow the trading strategies of other experts. This account allows clients to set up and manage a strategy and follow another trader’s strategy. This account is perfect for active traders or for clients that want to earn passively. Traders can both follow or create and manage their strategies.

PimeXBT Payment Methods

Unlike most other brokerages out there, PrimeXBT gives its customers the option to trade using cryptocurrency. This cryptocurrency may be bought via bank transfers, or one of the many payment methods provided by the broker. We will provide details of payment methods offered to clients by PrimeXBT in this section of the review.

PimeXBT Deposit Methods

The broker allows clients to trade CFDs in a wide range of markets using cryptocurrencies like BTC, this means that you cannot deposit fiat currencies directly and use them to trade commodities CFDs for example. In order to carry out a trade, you will need to have a sufficient amount of cryptocurrency in your wallet. You can deposit cryptocurrencies on PrimeXBT via the two ways listed below.

Direct Crypto Deposits: Using this method, clients can deposit supported cryptocurrencies directly from their personal crypto wallets to their PrimeXBT Wallets. The supported cryptocurrencies include BTC, ETH, USDT, USDC and COV.

Buying Crypto: This process allows customers to buy cryptocurrencies using a bank card i.e. fiat currencies. It is done through the broker’s partners such as Coinify, Paxful (P2P), Xanpool etc. Cryptos are transferred to their PrimeXBT wallets.

PimeXBT Withdrawal Methods

For all of the client’s filed withdrawals, each account on this trading platform has a 24-hour withdrawal limit of $20,000 or its equivalent in other currencies. However, the withdrawal fee remains the same for every withdrawal regardless of the amount being withdrawn because the withdrawal fee, which the broker charges, is a flat fee.

For all BTC withdrawals, the withdrawal fee is 0.0005 BTC, however, for withdrawals denominated in ETH, USDT, USDC, and COV the fees will vary depending on the network used.

For the ERC-20 network: 0.002 ETH; 10 USDT; 10 USDC; 5 COV

For the BEP-20 network: 0.00007 ETH; 0.8 USDT; 0.8 USDC; 2 COV

For the TRC-20 network: 0.8 USDT; 0.5 USDC

How to make a Withdrawal on PrimeXBT?

1. The first step is to go to the Main page of your Account
2. Then click on ‘Withdraw’ for the currency that you wish to withdraw
3. After that you will have to choose the desired network
4. Now you can either select an existing withdrawal address or add a new one
5. Next step is to enter the amount of cryptocurrency you would like to withdraw
6. Follow that up with clicking on ‘Submit to withdraw’
7. The last step is to open your email inbox and confirm the withdrawal

PimeXBT Education

The PrimeXBT trading platform is among the few companies in the industry prioritizing client trading knowledge. “Academy” is another name for the education center on this broker. To get to the education center of the company, clients can click on the ‘products’ section on the homepage and then click on the ‘Academy’ option.

The PrimeXBT Trading Academy provides customers an opportunity to learn from industry experts with 20 years of experience. There is a ‘see more’ button that takes clients to the broker’s YouTube channel, ‘PrimeXBT Academy’.

Moreover, there are tutorials for beginners to learn how to use this platform. For instance, there is a video that gives an overview of the platform and its features, meanwhile another shows clients how they can fund their wallet accounts.

Additionally, there are trading and crypto courses for clients to enhance their trading skills and transform their capabilities which will eventually bring them benefits.

PimeXBT Customer Support

The customer support team of this broker is available 24/7 to its clients. Clients can contact the team via email – they also have the option to contact the team through live chat. Unfortunately, the broker cannot be contacted via phone.

Moreover, the help center and the FAQ section of this platform are very detailed and divided into different sections for customers to easily navigate questions they might have. The answers written are remarkably detailed and to the point.[SSAS1] 

Email: support@help.primexbt.com

PrimeXBT also has a fairly large social media presence. You can find them on Twitter, LinkedIn and even Instagram.  

PimeXBT Online Reviews

What Reddit Users Say About PrimeXBT

Reddit users’ views showed dissatisfaction with the broker, mainly calling it a scam broker. One of the users felt like his money was being held hostage. The withdrawal services disappointed the user which he mentioned in the following comment.

However, another Reddit user shared his positive experience with the platform. This comment was a response to a Reddit user asking whether PrimeXBT is trustworthy or not. The user wrote about the trading platform’s features like their charts were “limited”.

What Quora Users Say About PrimeXBT

Although there wasn’t much discussion among Quora users regarding the broker, the few that did mention it were delighted with the way the broker operated. This particular Quora user lists down all their plus points, with “low fees” and “user-friendly interface” taking the first two spots.

TrustPilot Users Reviews About PrimeXBT

PrimeXBT’s trading platform has a 3.3 rating out of 5 on Trustpilot. One of the users gave the broker a 5-star rating citing his main reason to be “trust for PrimeXBT”. He trusted the broker enough to begin trading in different financial markets like Forex.

However, another Trustpilot user hailing from Turkey did not hesitate in calling the broker a scam. The membership rewards promised by the broker through fake campaigns, according to the user, are never specified.

ForexPeaceArmy Users Reviews About PrimeXBT

The broker had only one review on ForexPeaceArmy. Charles Martel, a user from Spain, shares a detailed account of his experience contacting the customer support team for some help regarding the “withdrawal processes” and “their platform”. His experience shows that their customer support team is very slow to respond to client inquiries. Despite his negative experience with the customer support staff, he gave the broker a 4-star rating because he found their platform to be very “user-friendly”.

Is PrimeXBT Safe?

Asset security is a priority for every client in this technologically advanced and volatile market. Although the broker’s two companies (Prime Technology Ltd and PrimeXBT Trading Services LLC) are not regulated by any regulatory body because the locations of their companies don’t warrant any such regulation, PrimeXBT has committed itself to providing the highest level of security to its customers in other ways. For example, the platform conducts periodical tests and security audits to ensure compliance with the strictest security standards.

PrimeXBT has implemented an extensive cyber-security framework to ensure strict measures and protect clients’ assets from all types of threats and eventualities. The following are the measures and security tools this platform has opted to ensure that all clients’ assets are secure and safe: 

2FA

2FA is provided by Google Authenticator to this platform. It ensures the security of accounts and prevents unauthorized access to client accounts.

Encrypted SSL

The SSL is encrypted so that it works to encrypt and secure the website’s traffic in any case.

Cryptographically Hashed Passwords

Passwords of all accounts are cryptographically hashed. This is done by using bcrypt with a cost factor of 12. However, all other personal and sensitive data is encrypted.

Cloudflare

This broker uses cloudflare to mitigate potential distributed denial-of-service (“DDoS”) attacks.

Regular Tests and IT Security Assessments

The platform’s tech team has a ritual of performing regular tests and check-ups. It also keeps an eye on up to date potential vulnerabilities via IT security assessments.

PrimeXBT hosts its environment on AWS, Amazon Web Services, which is known for its proven attack for physical security and internal controls.

Other Products and Services of PrimeXBT

The broker allows its clients to do more than just trade, but also allows them to use their popularity online and offline to earn through PrimeXBT’s refer-and-earn program, become an ambassador, and take part in exciting trading contests. In this section of the review, we will take a look at these extra services in detail.

Refer and Earn

PrimeXBT offers a 4-level affiliate program to its customers. You can invite your friends, family, or any other person to try out trading with this broker. Affiliate partners get rewards for their services. Clients receive payouts of up to 50% of trading fees paid by their referrals. Moreover, their subscribers get free funded accounts, commission discounts, and welcome bonuses. Clients get high payouts per each referred funded client.

This brokerage firm has 4 types of offers for every partner, with flexible conditions. Your background does not matter at all! You can be from any field and bring your audience to this platform, for instance:

1. Traders with an active community: YouTube, Instagram, Facebook or Twitter, Trading view, Telegram signal group, streamers.
2. Media Resource Owner/Blogger: Regional Influencers, trading bloggers, website owners, thought leaders, editors.
3. Education Centers: Crypto Trading Education, Forex Trading Education, trading in other assets.
4. Analyst: Crypto, Forex, Macroeconomics, Quants.

Anyone can become an ambassador of this trading platform. To participate in the PrimeXBT ambassador program, clients can contact the team at ambassador@primexbt.com with their personal information. That’s it! The team will reach back to you with a perfect partnership offer for you.

Free Trading Contests

If you have an account with the broker, you are eligible to participate in their free trading contests. All you have to do is to use virtual funds (provided by the broker) to make profitable demo trades and rise to the top of the leaderboard to get a chance to win some really cool prizes. The prizes you win will be made available to you in the form of tradable bonuses which you can use as a margin to open positions and/or take care of any fees/losses incurred on real margin accounts. Do note that these bonuses cannot be withdrawn and also that these contests are held every week.

Bottom Line

PrimeXBT is a decent online brokerage with 2 offices across the globe. The locations of these offices eliminate the need for the broker to hold any licenses, as the jurisdictions of Seychelles and St. Vincent and the Grenadines do not criminalize the offering of license-free financial services and activities of the same kind. They’ve implemented other security measures like an extensive cyber-security framework to make up for the security compromise due to a lack of adequate regulation.

The broker does not provide an immense variety for its clients to trade, however, traders on this platform have access to trade CFDs in forex, commodities, cryptocurrencies, and indices.

The brokerage firm sets itself apart from other brokers out there by using cryptocurrency as its medium of deposits, withdrawals and trades. All you have to make sure is that you have enough crypto in your  PrimeXBT wallet to execute your order. This crypto may be transferred to your PrimeXBT wallet in one of two ways: direct crypto deposits or by buying it using fiat currency.

The account types are a special service offered by PrimeXBT. Every account seems to be designed keeping a specific group of client’s needs and wants in mind. For instance, a strategic planning account is designed for those traders who are interested in following an experienced trader’s strategy or sharing their own to earn profits.

A 24/7 customer support team and an extensive education centre with free courses offered to its clients prove this broker’s willingness to improve their clients’ trading knowledge and skills. Moreover, its help centre is a cherry on the cake that features detailed answers to frequently asked questions.

Their ambassador program, refer-to-earn program, and most exciting of all – their free trading contests – give clients all the more reason to continue trading with the broker.